Fashion chain challenged

Quiz on course for £3 million savings as revenue falls

Gabby Allen (Quiz)

Tough climate for fashion stores

Quiz, the Scottish fashion chain, saw a 5% fall in revenue over the last six months as it seeks up to £3 million in cuts to improve margins.

Overall, the group’s trading has been broadly in line with the board’s expectations against the backdrop of a difficult UK retail environment.

Group revenue in the period decreased to £63.3m (H1 2019: £66.7m). Gross margin for the period is expected to be in line with expectations at approximately 61%.

Online revenues grew by 7% to £20m (HI 2019: £18.7m), once adjusted for unprofitable revenue streams terminated during the year.

Investment in the group’s own websites has see sales increase by 12% year-on-year.

The Glasgow-based company said trading conditions on the UK high street have remained “very challenging”.

The Group’s stores and concessions have experienced a reduction in footfall during the period against the prior year, resulting in weaker than initially anticipated sales.

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